Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 21,223 - -
Change - -45.33% 20.17% 33.02% 56.59% -41.64% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 6,677 4,484 2,055
Change - -79.44% 46.56% 63.31% 85.24% -72.44% -32.84% -54.16%
P/E -8.03x -64.7x 23.5x 14.5x 13x 10.6x 9.62x 8.67x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.42x 1.25x 1.09x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.9x 0.8x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.51x 2.32x 2.15x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.79x 0.49x 0.21x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 3.6x 2.09x 0.85x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 3.62x 2.13x 0.86x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 3.05x 1.94x 0.81x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 32.8% 51.6% 124%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.1% 3.42%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.503 10.49 11.65
Distribution rate - - - - - - 10.6% 29.6%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,139 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,854 2,148 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,843 2,109 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,061 2,245 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -14,546 -16,739 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 100.99 100.99 100.99
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,330 - -
Announcement Date 24/3/22 23/2/23 29/2/24 20/2/25 11/2/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.63x0.79x3.61x-.--% 3.15B
20.62x2.28x10.86x3.61% 31.34B
40.68x1.39x14.77x0.34% 5.39B
13.01x0.81x4.13x2.22% 1.19B
11.8x1.09x5.14x1.83% 962M
-3.77x - - - 56.9M
6.97x-0.05x-0.61x - 50.73M
Average 14.28x 1.05x 6.32x 1.6% 6.02B
Weighted average by Cap. 21.97x 1.98x 10.48x 2.84%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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